Explain the concept of human resource forecasting. Discuss various techniques used in human resource forecasting.

HR forecasting is predicting demand and supply, whether that be in relation to staff numbers, employees skills or office space. In HR, this means assessing employee numbers and calculating the skills, equipment and resources needed to meet employee needs and reach business objectives. 

If HR forecasting is done over an extended period of time, it allows HR departments to look at changes across historical data and do real-time supply forecasting and make changes to strategy to prepare for the future. This forecasting process is also sometimes known as time series analysis. 

In predicting future demands, both internal and external, businesses can also predict human resource needs. The most common outcomes of an HR forecast are usually in relation to training and development, to upskill current employees. More specific HR forecasts can also be undertaken, such as labor forecasts. These dedicated staffing forecasts can help to identify which areas of the business may need to take on more staff. 

How to do an HR forecast 

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